What Happens When Players Hit the Lottery Jackpot in California?
Key Takeaways · You are taxed on anything you win, whether it's cash, an item, a trip, or a service · Winnings are subject to federal and state income taxes
IP 200938 Connecticut Income Tax Treatment of State Lottery lottery federal tax rate
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The IRS automatically withholds 30% of net lottery winnings in the US The rate at which the net winnings are ultimately taxed though depends on
lottery committee kya thi However, before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings over $5,000 Out of the